What are the penalties for late mailing and filing of 1099's?

gersalv — Sat, 01 Jun 2019 05:06:15 GMT

For returns due 01-01-17 thru 12-31-17 If you file copi...

ChrisJ — Sat, 01 Jun 2019 05:06:16 GMT

*For returns due 01-01-17 thru 12-31-17*

If you file copies of 1099s within 30 days of the due date, the IRS assesses a $50 penalty per return. The penalty is capped at $186,000 for small businesses & $532,000 for large businesses.

Between 31 days late & August 1: The penalty is $100 per return. The cap is $532,000 for small businesses & $1,596,500 for large businesses.

After August 1 or not at all: The penalty is $260 per return. The cap is $1,064,000 for small businesses & $3,193,000 for large businesses.

If the IRS deems the failure to file an 'intentional disregard' of the requirement, there is an additional penalty of $530 per return with no limitation.

For more (past or current) information on penalty rates and maximums, see this IRS alert.

topic What are the penalties for late mailing and filing of 1099's? in Retirement tax questions

What are the penalties for late mailing and filing of 1099's?

*For returns due 01-01-17 thru 12-31-17* If you file copi...

For returns due 01-01-17 thru 12-31-17 If you file copi...